Spy agency seeks access to financial intel on terrorist activity

SEOUL, Aug. 3 (Yonhap) -- South Korea's top spy agency is pushing for legal
revisions that will allow it to access information on financial transactions of
over 20 million won (US$16,000) without a warrant, saying that will help track
down terrorism-related funds, officials said Monday.

The National Intelligence Service recently asked the Korea Financial Intelligence
Unit (KOFIU), an investigative unit under the Financial Services Commission, to
provide the information. It is currently available to other investigative
agencies, including the police, prosecutors and the election watchdog.
The law currently allows the head of the KOFIU to use his or her discretion to
share sensitive intelligence with these agencies for cooperation in criminal
investigations involving alleged financial wrongdoings. The NIS is not included
among the agencies.
"There needs to be a revision in the law for the NIS to receive financial
information just as in other investigative bodies," an NIS official said,
requesting anonymity. The official said such revisions are necessary in order for
South Korea to join the Financial Action Task Force (FATF), as planned by the
government.
The FATF, an international body committed to fighting money laundering practices,
has aggressively expanded its role following the Sept. 11 terrorist attacks on
the United States in 2001. South Korea is currently an observer nation in the
organization.
Membership criteria for joining the body include effectively criminalizing money
laundering and terrorist financing and making it mandatory for financial
institutions to identify their customers to enhance transparency.
Officials at the KOFIU confirmed they have received unofficial requests from the
NIS but said they were not planning to seek an immediate revision. Such
revisions were certain to draw heavy backlash from opposition parties and civic
activist groups, who fear the shared information could be abused.
"We're merely reviewing the situation as the issue can become a flashpoint issue
at the National Assembly," an official at the KOFIU said.
odissy@yna.co.kr
(END)